Nasdaq Lands 4th Distribution Day In Six Sessions
Wed, Jul 24 2013 By JUAN CARLOS ARANCIBIA, INVESTOR'S BUSINESS DAILY
Posted 06:49 PM ET
The Nasdaq came under heavy selling Tuesday, although leading stocks generally continued to keep their poise.
The composite slid 0.6% in higher volume, marking its fourth distribution day in the past six sessions. That's getting to be a worrisome amount of heavy institutional selling, especially now that the market seems to be digesting its four-week rally.
Tuesday's distribution was broader than prior instances. While last week's three distribution days were largely the result of a couple large-cap stocks selling off after earnings, this time the selling wasn't so concentrated.
A pullback at this stage of the market uptrend would not be a surprise.
Caution is advised folks. The bond cash that's going into stocks is late for the party. The Institutions are dumping equities and waiting to buy in when the market is down 20-40% from here. It will happen becasue we are 52 months into a Bull Market without a significant correction. several but not a Bear market variety.
SPX futures 1,650 by 6 am ET. Get ready for Global Meltdown tomorrow, Thursday, Friday, next week, in August-December 2013 and in all of 2014. earnings, sales and outlooks are pathetic. China a disaster. Euro, well what can be said about that? No one working there not even in Great Britan, they were all at St Mary's Hospital today to see the future King. What a joke.